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Uber signs deal with Dubai regulator after pricing rows

January 11, 2017

By Celine Aswad | DUBAI DUBAI Ride-hailing service Uber [UBER.UL] signed an agreement with Dubai’s transport authorities on Wednesday to become fully regulated after a series of clashes over pricing and availability. The move signals friendlier relations between the government of the Gulf’s most popular business and tourist destination and what is becoming one of the best known global transport brands. The two will also team up on a project to study how to cut congestion and the cost of transport in the Emirate, which Uber hopes will open up more business opportunities in the future. Under the deal between Uber and the Roads and Transport Authority (RTA), Uber will be able to use 14,000 vehicles through its app “as per the laws governing the operation of taxis and limousines in Dubai emirate”, an RTA statement said. Uber, which has a valuation of around $70 billion, has grown rapidly to more than 450 cities since 2009, fighting a series of battles with local regulators. Present in Dubai since 2013, Uber has had shaky ties with the RTA partly due to a disagreement about pricing and whether it had to follow the path of local rival Careem and allow customers to book all taxi rides in the Emirate, not just its own. Anthony Khoury, regional director of Uber in the Middle East, told Reuters the deal did not include providing customers with an option to book a regular taxi. The RTA made no comment about that aspect of their previous disagreements….more detail

April 5 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday: ** British housebuilder Galliford Try pulled out of a 1.2 billion pound ($1.5 billion) attempt to buy rival Bovis after the two failed to agree on price, leaving Bovis to pursue a turnaround under a new chief executive. ** The battle for German drugmaker Stada is edging towards a close, with final offers from two private equity consortia expected on Friday evening, three people close to the matter said. ** Snapdeal's three biggest investors – Japan's SoftBank , Kalaari Capital and Nexus Venture Partners…... [read more]

Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, has pledged that all private sector payments will be made within a 60-day timeframe, as the country seeks greater investment as part of its "Vision 2030" strategy. Al-Jadaan hopes that the new commitment will reassure private sector investors that Saudi Arabia will make good on its liabilities after facing criticism in the past over delayed payments. "Payments are happening on time", Al-Jadaan told CNBC at the World Economic Forum, adding "we actually announced, in writing, a commitment from the government that will pay every single use of the private sector within 60 days and…... [read more]

Following are excerpts from a CNBC interview with Mohammed Al-Jadaan, Saudi Arabia Finance Minister from the World Economic Forum 2017, with Hadley Gamble HG: Your Excellency thank you so much for joining CNBC. I want to kick off by asking you about your outlook for the next year. There's been a lot of speculation about what the Saudi vision really means for the kingdom. How confident are you that you'll be able to get this budget deficit under control and that Saudi Arabia is really on the right path? AJ: Thank you very much for having me. It's good to…... [read more]

Koki Nagahama/Getty ImagesMasayoshi Son, chairman and chief executive officer of SoftBank Corp speaks during the news conference on June 18, 2015 in Chiba, Japan. Japanese tech giant SoftBank has hired the founder of a London-based investment fund to help manage its new $100 billion (£82 billion) tech fund, Bloomberg reports. Akshay Naheta, founder and chief investment officer of Knight Assets, has been appointed to guide public equity investments and potential acquisitions for SoftBank’s new “Vision Fund,” according to the report. Knight Assets, run out of an office in Mayfair, is set to be shut down, Bloomberg’s source reportedly said. The…... [read more]

Jasper Juinen/Getty Images Mubadala, a holding company established and owned by the government of Abu Dhabi, is planning to invest $10 billion (£8 billion) into what is set to become the world’s largest venture capital fund, Bloomberg reports, citing sources familiar with the matter. Japanese tech giant SoftBank announced last October that it planned to create a new $100 billion (£81 billion) VC fund in London. The fund is reportedly set to close in January. When the fund was announced, SoftBank said it will be made up with $45 billion (£37 billion) from Saudi Arabia via the Kingdom’s Public Investment…... [read more]

Jan 4 (Reuters) - Apple Inc confirmed on Wednesday its plans to invest $1 billion in a tech fund being set up by Japan's SoftBank Group Corp. SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund for an investment that could be as much as $45 billion. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," company spokesman Josh Rosenstock told Reuters. SoftBank has also said that it plans to make future large-scale investments via the…... [read more]

Apple Inc (AAPL.O) confirmed on Wednesday its plans to invest $1 billion in a tech fund being set up by Japan's SoftBank Group Corp (9984.T).SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund for an investment that could be as much as $45 billion. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," company spokesman Josh Rosenstock told Reuters. SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather…... [read more]

Jan 4 (Reuters) - Apple Inc confirmed its plans to invest $1 billion a tech fund being set up by Japan's SoftBank Group Corp, the Wall Street Journal reported on Wednesday. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," the Journal quoted Apple spokeswoman Kristin Huguet as saying. (http://on.wsj.com/2iAMXpE) SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund for an investment that could go up to $45 billion. SoftBank has also said that it plans…... [read more]

Apple Inc (AAPL.O) confirmed its plans to invest $1 billion a tech fund being set up by Japan's SoftBank Group Corp (9984.T), the Wall Street Journal reported on Wednesday. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," the Journal quoted Apple spokeswoman Kristin Huguet as saying. SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund for an investment that could go up to $45 billion. SoftBank has also said that it plans to make future…... [read more]

DUBAI Jan 1 Bahrain-based investment firm Asma Capital has agreed to buy a stake in the water business of private United Arab Emirates utility company Utico in a deal worth $147 million, the companies said on Sunday. Asma is buying "a significant minority stake", they said without revealing the exact size. The deal includes equity and project finance and will be completed in the first quarter of 2017. The purchase is being conducted through the IDB Infrastructure Fund II, which is managed by Asma Capital. Asma is owned by sovereign institutions including Islamic Development Bank, Saudi Arabia's Public Investment Fund…... [read more]